NNN Anchor Tenant
For Sale
$9,975,000
2970 & 2990 Northtowne Lane, Reno, NV 89512
Two occupied anchor buildings within Northtowne Plaza are available with NNN leases and scheduled rent increases.
Property Size45,118 SF
Price / SF$221.09
Days on Market76
Property Features for 2970 & 2990 Northtowne Lane
General Information
Standard status
Active
Size
45,118 SF
Property subtype
Retail
Building Details
Building Size
45,118 SF
Year Built
2000
Listing Agency:
Nevada Commercial Group
Listed By:
Jack Brower, CCIM · License #NV #BS.41614.LLC
(775) 721-7023
Source:
Nvcg
Added: Jun 24
Changed: Sep 2
Last Checked: Sep 7 at 5:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nevada Commercial Group
Investment Insights
Based on property information with market context.
Two anchor tenant buildings are available for sale within Northtowne Plaza shopping center, totaling 45,118 square feet. The properties are currently occupied under NNN leases with corporate guarantees.
The offering includes two quality tenants with scheduled increases in rent. A new roof was installed in 2025 with a 20-year warranty.
Presented as NNN assets with corporate-backed leases, the buildings offer an income-oriented structure inside a larger retail shopping center in Reno, Nevada.
The offering includes two quality tenants with scheduled increases in rent. A new roof was installed in 2025 with a 20-year warranty.
Presented as NNN assets with corporate-backed leases, the buildings offer an income-oriented structure inside a larger retail shopping center in Reno, Nevada.
Key Highlights
- Two anchor tenant buildings totaling 45,118 SF within Northtowne Plaza
- Occupied by NNN leases with corporate guarantees
- Year built: 2000
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$570,931
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,418,620
$11.4M
Cap Rate 7%
$8,156,157
$8.2M
Cap Rate 9%
$6,343,678
$6.3M
Market Conditions
NOI Build-Up for 45,118 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$893.3K $19.80/SF
− Vacancy
−$77.7K −$1.72/SF
EGI
$815.6K $18.08/SF
− OpEx
−$244.7K −$5.42/SF
NOI
$570.9K $12.65/SF
Area
Reno, NV
Vacancy
8.70%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,418,620
Cap Rate 7%
$8,156,157
Cap Rate 9%
$6,343,678
Alternative Uses
Best Use
Retail
$8.16M
$7.14M – $9.52M
NOI $570,931 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.90M
$12.17M – $16.22M
NOI $973,336 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89512, NV
30,148
Population
12,374
Households
2.4
Avg Household Size
30
Median Age
18%
College-Educated
76%
High-School Grad
6.2 sq mi
ZIP Area
4,863
Density / Sq Mi
$45,284
Median Household Income
$34,587
Median Earnings
$1,113
Median Rent
$318,400
Median Home Value
Market
Vacancy Rate% for Retail in Reno, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Two occupied anchor buildings within Northtowne Plaza are available with NNN leases and scheduled rent increases.
Where is this shopping center located?
The property is located at 2970 & 2990 Northtowne Lane Reno, NV.
What is the asking price?
The asking price for this property is $9,975,000.
What are key features of this property?
This property features: Two anchor tenant buildings totaling 45,118 SF within Northtowne Plaza; Occupied by NNN leases with corporate guarantees; Year built: 2000
